NEW YORK CITY-LCOR, a leading real estate investment and development company, closed on construction financing for a new six-story, 234-unit, $100 million rental property to be located at 250 North 10th Street in Williamsburg, according to Crain's. The project is slated for completion in 2013.
LCOR secured a $50 million construction loan for the project from Helaba and plans to break ground immediately. Leasing is anticipated to begin Fall 2013.
The high-end rental building will be located on North 10th Street between Roebling and Union Avenues. 250 North 10th Street will include 185,000 gross residential square feet in addition to a 117 space parking garage.
“With LCOR’s past success at 34 Berry and the continued demand for prime rental properties in Williamsburg, we jumped at the opportunity to develop 250 North 10th Street,” says David A. Sigman, LCOR executive vice president and principal, in a statement. “Our years of experience in the neighborhood and positive feedback from residents at 34 Berry - as we continue to own and manage this property - unquestionably point to the fact that Williamsburg will continue to grow as an in-demand neighborhood. We look forward to offering renters a high quality community to call home.”
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